By Matthew Price BBC correspondent in Belgrade

To say the least, Jagos Vojinovic has not benefited from Serbia's economic reform programme.

Two years ago, after a long career as an engineer at the Zastava car factory - makers of the tinny national car, the Yugo - the 50-year-old lost his job.

Now Mr Vojinovic and his wife Slavica - who also once worked at the factory - sell underwear, and the odd pack of cigarettes in the local market.

They manage to scrape by on six euros (�4) a day - not enough for their family of four.

The Serbian economy, whose failure to blossom after the toppling of Yugoslav tyrant Slobodan Milosevic two years ago, is at the heart of Serbia's current presidential election campaign.

Voting in the republic, the larger half of the Yugoslav Federation, gets under way on Sunday.

Car crash

At Zastava itself the production lines run slowly.

Once they made 200,000 vehicles a year.

Mr Labus wants to speed things up...

Then, as Yugoslavia fell apart and both supply and demand dried up, output collapsed, and now the factory runs at just under 10% of capacity.

Where 31,000 used to be employed, the government's economic restructuring programme has reduced that to 8,000.

Factories like Zastava were once propped up by communist handouts, employing far too many people to be economically successful.

Those days have long gone.

"Serbia wants to grow up. We want to improve our industry, and economy," says Zoran Stosic, the manager of Zastava's mechanical treatment centre.

"We want to be a part of Europe and of European markets."

In the doldrums

But Serbia is a long way from that.

... Mr Kostunica wants to slow them down

Although international observers say the transition here has been relatively fast compared with other former communist countries, there are still major problems to be overcome.

Unemployment runs at around 50%. Average monthly wages are 160 euros. The informal sector - economist-speak for the black market - represents at least one-third of all economic transactions.

What to do about the economy is occupying the minds of voters here at the moment, as the first round of voting opens on Sunday.

Although there are 11 candidates, only two are thought to have a real chance.

And both would give Serbia a very different economic future.

Two-speed economy

The current Yugoslav president, Vojislav Kostunica, is expected to attract around 30% of the vote.

I don't think these elections will change Serbia's future. Serbia chose its future when Milosevic was toppled

Nebojsa Radisic, Blic newspaper

So too, the polls say, is Miroljub Labus, an economist running as an independent.

Mr Labus already works closely with the reformers in Serbia's government.

He believes in a fast economic transition, and membership of the European Union as soon as possible.

The nationalistic Mr Kostunica, by contrast, feels the country is selling out to the West.

Many feel he would rein in the Serbian government, and slow the reform programme.

Crisis talk

Although the presidency wields little actual power, it is a significant post.

If Mr Labus wins the election, it would give the Serbian Government the impetus to carry on with its reforms.

But if the popular Mr Kostunica wins, many fear a constitutional crisis.

Many politicians in the governing coalition, analysts say, could swap to the president's camp in the event that he wins, undermining the government, paralysing parliament, and interfering with the economy.

Fast and slow

Voters are split - and their personal circumstances largely dictate which way their political opinions are leaning.

Voters are still largely undecided

Dragan Krsmanovic, for example, wants to see speedier reform.

He is still employed at the Zastava factory.

His wages are better, so too his work conditions.

"These changes have happened and in my opinion nothing can stop them. It doesn't matter who comes into power. People and the workers understand it has to be that way, to make change possible."

Money matters

But talk in the market to people like Jagos Vojinovic, and you realise not everyone is happy with the reformers.

"In these elections I'm more inclined to support a candidate who opposes the government. Not the so-called reformers."

Where once nationalism played the main part in elections in this country, now the economy and standards of living will be the deciding factor.

And fundamentally, the difference between the leading candidates is one of pace of reform, rather than the idea of reform itself, says Nebojsa Radisic, a correspondent with Blic newspaper.

"I don't think these elections will change Serbia's future. Serbia chose its future when Milosevic was toppled."